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WorksheetsTypes of Entrepreneurship
Total questions: 35
Worksheet time: 26mins
What is entrepreneurship?
To develop, organize and manage a business venture with risks in order to make a profit.
The art of making a deal.
An innovating idea.
Being competitive in the global marketplace.
What are the two types of business ventures?
work and home
school and work
a product or service
telephone or internet
How do we define a product in business?
Something you buy
Something you can eat
Something you throw away
Something that exists in nature or made by humans that is tangible.
Define a service by business standards.
You can actually touch it,
Work that is done for free
Work that requires expertise and is done in exchange for money.
Work with your hands.
Define Innovation.
translating business into a profit
satisfying a need
the process of translating an idea or invention into a good or service that creates value. it further satisfies the needs of customers,
A good idea that satisfies the needs and expectations of customers.
Which statement is not a persuasive strategy?
Appeal to the audience's emotion
Share stories
Tell jokes
State evidence facts and examples
What are two characteristics of an entrepreneur?
strong and bold
risk taker and innovative
curious and intelligent
hardworking and smart
A situation involving exposure to danger.
problem
accident
risk
plan
A new method, idea, or product.
invention
creation
business model
innovation
Which is a characteristic of a successful entrepreneur? (hint: choose 3 correct answers)
Motivated
Takes very little risk
Passionate
Hard-working
If you have an entrepreneurial attitude, you believe:
(Check all that apply).
You can affect change
Failure is learning
It's not worth putting in effort to make a change
Opportunities are everywhere
Entrepreneurs......(you can choose more than 1 answer)
are key players or providers that produce, transport or sell products and services to consumers
seek business opportunities by identifying what is needed, wanted or desired by consumers.
create new products, take risks in investing money and make the products available to customers
will always try to improve product quality, reduce cost of production, find better ways to serve their customers and thus serve customers’ needs more effectively.
Give three common characteristics of an entrepreneur
Which of the following is an advantage of operating a large established business as a public limited company?
Shares can be sold to the public to raise additional finance
Financial accounts are published
Shares can only be sold to invited investors to raise finance
Owners have unlimited liability
McDonald's and Burger King are examples of?
Sole Proprietorships
Partnerships
Corporations
Franchises
Which of the following would NOT be a place to go to get good business advice?
“An Embezzlers Anonymous Meeting”
“A Community Workshop”
“The Chamber of Commerce”
“The Better Business Bureau”
Which is an example of information you would find in researching the wants and needs of potential customers for a food-service business?
“Most people don't like to go to the grocery store.”
“1 in 133 people suffer from Celiac Disease and need to eat gluten free foods.”
“Pink is a popular color among adolescent girls.”
“People like their cats and feed them expensive foods.”
Which is an advantage of owning a franchise?
“Owners are locked into franchise rules, food, menu, uniforms, etc”
“Owners spend a lot of time in the beginning getting things up and running”
“Owners pay a large franchise fee up-front to "buy-in"”
“The company has wide-spread name and brand recognition”
What is the purpose of networking with other businesses?
“To create a supportive system of sharing information and resources with businesses who have similar goals, interests, and clients.”
“To have businesses outside the network understand the benefits of being in the network.”
“To develop a web of organizations that is mutually beneficial while remaining exclusive and competitive.”
“To create stronger and more stable internet access for those who subscribe to the network.”
Why is it important to know the wants of specific customers?
“To attract better customers than your competition”
“To be able to provide the products or services they will purchase”
“So your merchandise is better than your competition”
“In order to have the proper amount of merchandise on hand”
What is a target customer?
“The customers marketed to by competitors”
“The possible customers for a business”
“The ideal customers a business should try to attract”
“The customers a business should avoid”
Profit goals should be:
“The maximum success a business can reach.”
“The minimum a business needs to achieve.”
“A stretch but, not seem impossible to reach.”
A person who organizes and operates a business or businesses, taking on financial risk to do so is an entrepreneur.
True
False
What does a person need to succeed in life?
money
qualities
power
intelligence
What kind of business can still make up a huge chunk of entrepreneurship in the world?
(a)
They are considered as today's agents of change.
(a)
These risk takers know that they have the possibility of changing the world.
(a)
These innovators focus on improving the world as a whole.
(a)
Small business operates a low cost? True or False?
True
False
In the operation of business, the entrepreneur should have access to a sum of money at least equal to the projected revenue for the first year of business in addition to his or her anticipated expenses?
True
False
